| The decision to purchase a franchise can be a very | | | | any franchises that have closed (failed). Therefore, a |
| complex one. You need to make an informed decision, | | | | company with any history of failed franchises will most |
| based on an extensive fact-gathering process, to | | | | certainly be unattractive to a potential new franchisee. |
| identify the ideal franchise for you. One of the final | | | | The Discovery Day has several benefits to the |
| steps of this process is to attend a Discovery Day. | | | | prospective franchisee as well. Discovery Day is a |
| Franchisors hold Discovery Days, typically on a | | | | great opportunity to meet staff members of the |
| monthly basis, for potential franchisees to give them an | | | | corporate franchise team and, in some cases, existing |
| opportunity to find out more about the franchise in an | | | | franchisees in the network. You'll have a chance to |
| informal, no-obligation setting. During a Discovery Day, | | | | ask any lingering questions you still may have in a |
| which is usually held at the corporate headquarters, the | | | | casual atmosphere. Keep in mind that you do want to |
| company defines the overall operation of the business, | | | | sell yourself, and first impressions are vital, so present |
| the product or service it provides, the training and | | | | yourself as someone who will be a strong asset to |
| support systems, and the financial investment required. | | | | the franchise. Dress professionally, be confident, social, |
| Despite the assumption that a Discovery Day is solely | | | | happy - excited about the opportunity! |
| for the benefit of the potential franchisee, the franchise | | | | Demonstrate your knowledge of the industry and of |
| company itself also uses the occasion to develop first | | | | the franchise. By now, you have done substantial |
| impressions of prospective franchisees and to | | | | research on the opportunity, so you should feel |
| informally assess their suitability for the business. So, it | | | | comfortable engaging in conversation relative to the |
| is the day for the management team and the | | | | franchise. Franchisors will respect how educated you |
| franchise candidate to get to know each other on a | | | | are about their business. |
| deeper level than phone and email to decide if this is a | | | | You'll also want to convince them that you can follow |
| good match for both parties. | | | | their system. They're not looking for someone who is |
| Also, it seems that the general consensus is that | | | | entrepreneurial or super creative. If you are someone |
| franchises are "purchased". The vast majority of the | | | | who is constantly coming up with what you think are |
| candidates I consult with tell me that they wish to "buy" | | | | creative, brilliant ideas, you are probably not right for |
| a franchise. While technically you do have to pay the | | | | franchising. It is imperative that you can follow a |
| franchisor to become a franchisee, franchises are not | | | | proven system. |
| "bought". They are awarded to the individuals that | | | | Lastly, if the franchiser doesn't already know, you must |
| franchise companies deem the best fit for growing | | | | show that you are financially qualified. You should |
| their business. Because of this, companies tend to be | | | | already know, prior to Discovery Day, how you are |
| extremely thorough when investigating those who wish | | | | going to finance the franchise and be able to |
| to represent their business. There are many reasons | | | | demonstrate that to the franchiser. He needs to know |
| that they need to be so selective and picky. | | | | that you are more than capable of handling the |
| The franchisor will be generating income (royalties) | | | | investment, and will also have sufficient living expenses |
| based on the income of the franchisee. Therefore, the | | | | as you begin growing your business. |
| franchisor has a vested interest in the level of success | | | | Remember, you need to be adequately prepared for |
| of its franchisees. | | | | your Discovery Day. This means not only financially, |
| In addition, the overall reputation of the franchisor is at | | | | but socially, as well as extremely knowledgeable of |
| stake. If a customer of one of its franchisees has a | | | | the company, product, and/or service. Finally, make this |
| bad experience, it is reflected on the entire corporation, | | | | a fun experience. With proper preparation, you may |
| including all franchisees. Word of mouth will spread | | | | very well end your Discovery Day as a new |
| unpleasant news at warp speed, and people will | | | | franchisee! |
| assume that the entire franchise is bad if a negative | | | | Get your Free Franchise Consultation. The Franchising |
| experience is had at one unit. | | | | Authority will help you find your perfect franchise. |
| Item 20 of the UFOC requires the corporation to list | | | | |